Chapter Review
Key Takeaways
- Moral principles guide behaviour in financial decision-making, which is necessary for the public sector.
- Procurement professionals must understand codes of ethics pertaining to their specific businesses and ensure that this information flows down to employees and is also communicated to the supplier network.
- Procurement professionals including purchasing agents, vendors, and sub-contractors must understand and abide by the codes of ethics.
- Learning about the common challenges to ethical procurement helps inculcate awareness of proper business conduct.
- Procurement professionals must also contribute to social welfare and ensure they are investing in socially responsible suppliers and promote global corporate citizenship.
- Sustainable procurement must be practiced to minimize environmental impacts while also taking social considerations into account.
Explore and Engage
Discussion Questions
- Why must vendors and public procurement purchasers abide by a code of ethics?
- Where are public investments most vulnerable to fraud and corruption?
- Public procurement contributes to the overall CSR strategy; give an example of how this is accomplished using one of the CSR initiatives.
- Provide an example of sustainable procurement.
